Thursday, August 23, 2007

Chavez heads to Namibia

Jet setter:

Venezuelan President Hugo Chavez will visit Namibia next month, possibly hoping to secure a deal that would give his country's state-run energy company a leg up on other nations seeking untapped oil potential in Africa.

Big plans

...His announced visit to Africa in September follows the recent decision by Venezuela to create its own "Halliburton-style company" to manage every aspect of its own oil production and expand capabilities for operations abroad.

Inconvenient truth

...Last month Luis Vierma, exploration and production vice president at PDVSA, said Venezuelan oil faces a "significant operational emergency" if it does not increase the number of rigs operating in the country and that the state firm fell short of its 2007 goal of getting 191 rigs online in 2007 and producing some 3.3 million barrels per day....